A new remuneration policy that allows Huntsworth chief executive Lord Chadlington to earn up to £2.2m this year was opposed by nearly a third of voting shareholders yesterday.

However, the policy survived what was billed as a binding vote, with 67.4 per cent of votes cast in favour.

The policy covers the next three years and will see Chadlington earn a minimum of £721,000 this year, which could treble if he earns the maximum £835,000 annual bonus and maximum £668,000 share-based longer-term performance target.

A mid-point performance would net him £1.76m, which is 70 per cent more than he was paid in 2013 when he received a £332,000 annual bonus but did not receive any compensation under longer-term performance targets.

According to a source close to the company, it may consider rebalancing the policy more towards longer-term performance targets in the wake of the vote.